The chief finance officer of your township reminded the township board of a loan that they have to pay off in 7 years. The amount needed to pay off the loan in 7 years is $171,908.70. The officer recommended that the township should prepare for the payoff by setting aside annual payments into a fund paying 2.4%. How much should each payment be? Group of answer choices $22,310.62 $23,982.80 $22,846.07 $25,147.79
The chief finance officer of your township reminded the township board of a loan that they have to pay off in 7 years. The amount needed to pay off the loan in 7 years is $171,908.70. The officer recommended that the township should prepare for the payoff by setting aside annual payments into a fund paying 2.4%. How much should each payment be? Group of answer choices $22,310.62 $23,982.80 $22,846.07 $25,147.79
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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The chief finance officer of your township reminded the township board of a loan that they have to pay off in 7 years. The amount needed to pay off the loan in 7 years is $171,908.70. The officer recommended that the township should prepare for the payoff by setting aside annual payments into a fund paying 2.4%. How much should each payment be?
Group of answer choices
$22,310.62
$23,982.80
$22,846.07
$25,147.79
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